Greenspan Backs an Overhaul
Of Bank Laws but With Limits

WASHINGTON -- Federal Reserve Chairman Alan Greenspan told lawmakers he supports overhauling banking laws, but he warned against giving the benefits of federal deposit insurance to the securities, insurance and other industries.

Testifying before a House banking subcommittee, Mr. Greenspan urged lawmakers to "be continually on guard that the subsidy provided by the safety net [of deposit insurance] does not leak outside the...